The latest on-chain data shows that a major Ethereum whale has returned to the crypto market last week, as the price of ETH remains above the $2,000 level.
ETH whales held $538M in crypto in 2022
According to data from Arkham Intelligence, an Ethereum OG whale known as thomasg.eth has been on an Ether buying spree since last week (approximately $19.5 million worth). The entity acquired spot ether, wrapped ETH (WETH), and Aave-deposited ETH at Arkham-tracked wallet addresses, with the latest purchase amounting to $3 million on Friday, March 20.
Arkham revealed in its post in However, Ethereum investors had largely reduced their exposure to the cryptocurrency and reduced their portfolios to almost zero by mid-2022.
He once had $500 million in crypto – now he’s buying it back
Ethereum OG @thomasg_eth $538M in ETH, WBTC and DAI topped the market in 2021. Now, he’s buying back. He just bought $3 million worth of ETH, bringing his total purchases this week to $19.5 million.
Ethereum OGs are stacking up $ETH. pic.twitter.com/ttWQGweY7m
– Arkham (@arkham) 21 March 2026
Typically, given the whale status of the holder, strategic moves like thomasg.eth often send shock waves through the crypto community. Still, this acquisition seems like a sheet from the “buy the dip” playbook, with Ethereum price currently down more than 56% from its all-time high of $4,964.
At the time of writing, ETH is priced around $2,153, indicating no significant changes over the past day. The second-largest cryptocurrency’s price has improved over the past month, following a dreadful February performance that saw it drop to around $1,800.
Ethereum enters historic buy zone – what next?
Interestingly, popular crypto analyst Ali Martinez has predicted a bullish rise in the price of ETH in the coming weeks. This optimistic outlook is based on the MVRV ratio, which compares a coin’s market value to its intrinsic value.
As highlighted by Martínez, Ethereum price has seen historic bullish momentum after the MVRV ratio dropped to 0.8 points or below. Recently, the price of ETH increased by 250% after the metric dropped to this range in April 2025.
The trend is based on the fact that a low MVRV value indicates that the majority of the market is in losses, which shows how undervalued the asset is currently.
According to the crypto analyst, ETH MVRV fell to this range earlier this month, meaning a buying window has opened for the altcoin. This suggests that the price of Ethereum may return to its former high levels.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Image displayed by DALL-E, chart from TradingView
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